The crypto market is showing signs of hesitation as Bitcoin and Ethereum manage to hold key support levels, while Ripple’s XRP continues to disappoint—even after positive ETF news from Canada.
Bitcoin Holds Above $103K, But Traders Remain Cautious
Bitcoin (BTC) is holding steady above the $103,000 mark, finding support at its 50-day Exponential Moving Average (EMA). Although price action remains muted, traders are closely watching whether BTC can break through resistance at $107,000.
According to data from CoinGlass, the open interest (OI) in Bitcoin futures is in decline, currently standing at $69 billion. This is down from the $80 billion peak seen in May, signaling reduced trader confidence and lower market participation.
CoinGlass’s new Derivatives Risk Index also shows that the crypto derivatives market is entering a highly unstable zone, where both long and short positions face increased risk due to ongoing volatility and high liquidation volumes.
Ethereum Holds Support as Inflows Continue
Ethereum (ETH) is showing resilience around $2,536, just above its critical 200-day EMA at $2,476. The ETH price has been consolidating since mid-May, and technical indicators suggest a potential upside if buying pressure returns.
Spot Ethereum ETFs are quietly gaining traction. On June 18, inflows reached $19 million, with BlackRock’s ETHA ETF leading the charge. This marks the third straight day of net positive inflows into Ethereum-focused funds—an encouraging sign for long-term investors.
Key resistance levels to watch are $2,876 and the psychological $3,000 mark. On the downside, the 50-day and 100-day EMAs at $2,439 and $2,372 respectively, will act as short-term support zones.
XRP Misses the Mark Despite Canada ETF Boost
Ripple’s XRP is struggling to gain momentum, even after Canada approved spot XRP ETFs from major issuers like 3iQ, Purpose, and Evolve. The token remains below key resistance at $2.24 and has found soft support around $2.09.
Technical analysis shows a sustained sell signal from the MACD (Moving Average Convergence Divergence), hinting at a possible prolonged downtrend. Without renewed investor interest or a strong catalyst, XRP may continue to trade sideways.
ETF Inflows Paint a Mixed Picture
While Bitcoin ETFs saw a healthy $390 million in daily inflows—mostly led by BlackRock’s IBIT with $279 million—Grayscale’s GBTC saw a $16 million outflow, showing that investor sentiment remains divided.
The contrast between steady ETF inflows and uncertain price action reflects broader market hesitation, fueled by geopolitical tensions in the Middle East and the Federal Reserve’s recent decision to keep interest rates unchanged.
Final Thoughts
Crypto markets are in a holding pattern right now. Bitcoin and Ethereum are clinging to crucial support levels, but low trading volume and unstable derivatives data suggest investors are playing it safe. XRP, on the other hand, still hasn’t shaken off its sluggish momentum, even with regulatory wins.
Traders and long-term holders alike should watch for upcoming catalysts—including macroeconomic data, ETF performance, and geopolitical news—that could spark the next big move.
